The City of Edmonton is contributing $400,000 to total cost of the event, while the province is providing $300,000, Edmonton Destination Hotels, $200,000 and Travel Alberta $100,000.

The event regularly draws a 100,000 spectators in Quebec City and brings more than $10 million to the city.

“It’s a great time of year to showcase the city because it gives us a festival in the non-traditional time of year to show off the city beyond the summer months," said Alberta Tourism Minister Richard Starke.

Quebec City has hosted the Red Bull Crashed Ice season finale for almost a decade while other cities to host the event include Lausanne, Helsinki, Prague, and Moscow.

Coun. Amarjeet Sohi says Edmonton is a great city for a winter event.

“When you look at some of the other cities that are hosting this event, I think it’s a good fit for our city and we are celebrating winter and this is the best way to do so," he said.

If things go well next year, Starke says the annual event could alternate between Edmonton and Quebec City.

Yesterday Edmonton announced it will be bidding for the 2022 Commonwealth Games.